it will be some kind of exogenous event, could be something as simple as russia ukraine becoming more difficult. >> okay. >> don't know. something out of the ordinary. >> i wondered if you were going to say growth is disappointing and perhaps won't get the growth the market assumed. if you look at what's happening in the market you have strong rotation. we've spoken many times about the high flying tech stocks, biotech, social media, that have lost a huge amount of value but you see weakness in housing. in financials. economically sensitive areas, the utility index is pushing up towards an all-time high. what do you do with that rotation? do you follow through? >> well, we look at the individual companies and their own valuations. so we think that some of the high flyers, which have come down, are still at fairly lofty valuations and hard to justify. we contrast that with other old technology dinosaurs like microsoft, cisco, hewlett-packard, where their actual results have been quite good and their valuations are very attractive. so we wouldn't necessarily look at the rotation in a ki